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By W. H. Emmons

In 1922 Morey made a series of experiments in which he observed the cooling of a molten system containing H2O, 9.1 per cent; K2O, 17.3 per cent and SiO2, 73.6 per cent. This system was confined in a bomb; it was fluid at 500° C. and exerted no vapor pressure. In cooling to 420° C. a large part of it crystallized and at that temperature much of the water had separated from the crystals and remained as steam, which built up a pressure of 4998 lb. per sq. in., a force sufficient to lift nearly one mile of granite.' If granite, cooling at 600°, expels vapor in the process of crystallization it is reasonable to suppose that a considerably greater vapor pressure would result, and it is thought that the vapor expelled from crystallizing granitic batholiths probably has a pressure sufficient to lift two or three miles of granite. This vapor, collecting near the tops of cupolas of batholiths, is believed to exert sufficient pressure to fracture the hoods and roofs of batholiths above the cupolas. If that is true, one would expect to find that the fracture systems above cupolas are arranged in patterns that depend in part on the shapes of the cupolas. The mechanics of the situation seem to require that conical cupolas should have radial fracture patterns, that bluntly rounded cupolas should have fracture systems that are either irregular or rudely conjugated in plan, and that elongated stocks or cupolas should have fracture systems in which the fractu'res lie nearly parallel to the direction of the elongation of the cupolas. Study of essentially all the cupolas of the earth that have associated important vein-filled fractures shows that this is generally true. This

Jan 1, 1935

By Edgar C. Bain

Jan 1, 1932

By Eric R. Jette

In order to control a chemical process by other than empirical, rule of thumb methods, two types of knowledge concerning the reactions involved must be available: (1) the thermodynamics of the reactions, and (2), by no means less important for efficient operation, the mechanisms and kinetics of the reactions. Information on the thermodynamic side enables the operator to decide upon initial and final conditions, whether heat must be added or removed from the system, whether the reactions proceed farthest in the desired direction at high pressure or low, etc. Knowledge of the mechanisms involves the determination of the individual steps by which an initial set of reactants, under given conditions, proceed to give the desired final products and kinetic studies upon which the mechanisms are based give the speed at which each of these reactions or steps take place. Thus thermodynamic studies of a reaction enable the operator to control the direction and extent to which the reaction can proceed, while kinetic studies enable him to control rates and thus the time efficiency of the operations. The thermodynamics set the limit to which the reacting system approaches; the kinetics tell how fast the system actually approaches this limit. The two types of information are complementary and not antagonistic even though in discussing the mechanism the introduction of thermodynamics is entirely needless and generally of no assistance, while in thermodynamic studies mechanism need not even be mentioned. Heterogeneous Reactions The thermodynamic side of metallurgical reactions has received much attention in the past; the mechanisms, relatively, very little. The main reason for our present lack of information on the mechanisms of these reactions lies in the fact that every one of importance is a heterogenkous reaction; i. e., the substances involved in the reaction exist in more than one phase, while, if we neglect the large amount of work which has been

Jan 1, 1931

By C. G. Brehm

The anthracite-producing region is in the northeastern section of Pennsylvania, and has an area of approximately 484 square miles. It is divided geographically into three separate fields, known as the Northern, Middle and Southern. The Northern field, with Wilkes-Barre approximately at its center, is a basin about 60 miles long and almost 6 miles wide at its greatest distance across. Generally speaking, it may be said that the coal measures in this field lie horizontally, or on slight pitches, and consist of from 11 to 19 veins of coal, varying in thickness from several inches to several feet. The intervening strata between veins may be composed of slate, clay, rock or shale, or a combination of several, and are sometimes very thin. This condition often causes a treacherous roof, therefore roof support and the attending hazard of mining are problems of concern. The Middle field is made up of a number of small basins of not very great depth, and the measures, which are in like number to those of the Northern field, are varying inclinations running from nearly flat to steep pitches. The Lower, or Southern field, is made up of basins of great depth, some being 4000 ft. deep, and its measures are mostly on very steep pitches. In certain sections this Southern field is being mined at an elevation of 1300 ft. below sea level, on a pitch ranging from 50' to practically vertical, and because of the tremendous pressure and the inherent gas in the seams, outbursts of coal frequently occur at the face, locally known as "bumps." These outbursts are accompanied by a rumbling noise, after which gas is usually found. This condition makes mining a difficult and extremely hazardous undertaking, and unusual skill is required on the part of the miner to drive and maintain openings necessary to the production of coal. Miners working in such seams on the heavy pitch must carry face batteries (Fig. 1) to afford proper protection while working at the face, because of the outbursts and free running coal. To drive haulageways or gangways in this field it is

Jan 1, 1940

By C. G. Brehm

The anthracite-producing region is in the northeastern section of Pennsylvania, and has an area of approximately 484 square miles. It is divided geographically into three separate fields, known as the Northern, Middle and Southern. The Northern field, with Wilkes-Barre approximately at its center, is a basin about 60 miles long and almost 6 miles wide at its greatest distance across. Generally speaking, it may be said that the coal measures in this field lie horizontally, or on slight pitches, and consist of from 11 to 19 veins of coal, varying in thickness from several inches to several feet. The intervening strata between veins may be composed of slate, clay, rock or shale, or a combination of several, and are sometimes very thin. This condition often causes a treacherous roof, therefore roof support and the attending hazard of mining are problems of concern. The Middle field is made up of a number of small basins of not very great depth, and the measures, which are in like number to those of the Northern field, are varying inclinations running from nearly flat to steep pitches. The Lower, or Southern field, is made up of basins of great depth, some being 4000 ft. deep, and its measures are mostly on very steep pitches. In certain sections this Southern field is being mined at an elevation of 1300 ft. below sea level, on a pitch ranging from 50' to practically vertical, and because of the tremendous pressure and the inherent gas in the seams, outbursts of coal frequently occur at the face, locally known as "bumps." These outbursts are accompanied by a rumbling noise, after which gas is usually found. This condition makes mining a difficult and extremely hazardous undertaking, and unusual skill is required on the part of the miner to drive and maintain openings necessary to the production of coal. Miners working in such seams on the heavy pitch must carry face batteries (Fig. 1) to afford proper protection while working at the face, because of the outbursts and free running coal. To drive haulageways or gangways in this field it is

Jan 1, 1940

By Ursula E. Wolff

The precipitation of carbides from an alloy containing 33 pct Ni, 21 pct Cr, balance iron, was investigated electron microscopically by means of extraction replicas and thinned metal foils. Annealing temperatures ranged from 565°to 870°C and up to several thousand hours. M23C6 precipitated in pain boundaries, incoherent and coherent twin boundaries in that sequence. The orientation relationship between carbides and austenite matrix was determined and correlated with the morphology of the carbides and with the type of boundary in which precipitation occurred. In large-angle grain boundaries, as well as in coherent twin boundaries, the carbides had the same orientation as one of the adjacent pains. These carbides formed sheets of individual flakes with shapes related to the orientation of the boundary. In incoherent twin boundaries carbides precipitated in ribbons composed of pavallel rods. An unidentified subcarbide was found to precede precipitation of M23C6 in these boundaries. The M 23 C6 rods had a kind of fiber texture with (110) parallel to the long dimension of the rods and ribbon, and with orientations of both of the adjacent twin-related austenite crystals Predominant in the texture of the carbide. A hard sphere crystal model has been used to discuss orientation and morphology of the carbides in terms of free volume and vacancies available in the boundaries. A number of papers have dealt with the morphology of chromium carbide (M23 C6) precipitated in austenitic stainless steels.1"7 In all these investigations, the carbides were examined in the electron microscope by means of extraction replicas. With this technique, the carbides retain the spatial distribution they had in the bulk sample. However, since the matrix is dissolved in the process, the particles can turn in an unpredictable way; and the orientation relationship between matrix and carbides cannot be established. In this paper the results of studies on extraction replicas and on thinned metal foils are reported. These studies were undertaken to determine the matrix-to-car bide orientation relationship, and to correlate the orientation of the carbides with their morphology. PROCEDURE The material used was an austenitic alloy with 33 pct Ni, 21 pct Cr, balance iron, containing approximately 0.05 pct C. Coupons of 1.25-mm sheet were first solution-annealed at 1050°C for 15 min and air-cooled. Then, to precipitate the carbides, samples were isothermally annealed in the range from 565" to 870°C for times up to several thousand hours. All further specimen-preparation procedures were carried out after the final anneal. Carbon extraction replicas from polished and etched surfaces were made with 10 pct bromine in methyl alcohol.' Thin foils were prepared from punched-out 3-mm-diam disksg which fit into the electron-microscope holder. The disks were prethinned by grinding to approximately 0.5 mm thickness, and then electro-polished in a polytetrafluoroethylene holder1' with a solution containing 5 pct perchloric acid in acetic acid to which 10 g per 1 Cro3 and 5 g per 1 nickel chloride were added (etchant modified from that of Briers et al."). This solution dissolves neither the carbides nor the austenite around the carbides preferentially. By using extraction replicas, electron micrographs and selected-area electron-diffraction patterns were taken from the same carbide arrays. By using thin foils, electron micrographs were made from a grain boundary area containing carbides. Electron-diffraction patterns were then taken from the same area and from each of the adjacent grains separately. In this manner, the orientation of each grain could be determined without interference by the carbide pattern. A peculiarity of extraction replicas should be pointed out. After the matrix is etched away, the carbide arrays float freely in the etching and washing solutions, and are held in place only at the anchoring points in the carbon replica. When the replica is picked up with a screen the carbide arrays tend to flip to one side. Thus, while the surface features are preserved, the original arrangement of the carbides may severely and unpredictably be disturbed whenever the specimen contains large amounts of interconnected carbides. Nevertheless, it is possible to correlate the different morphologies of the carbides with the type of boundary in which they have precipitated. RESULTS 1) Extraction Replicas. Fig. 1 shows that the grain boundaries usually are curved, multicornered surfaces of random orientation. The coherent twin boundaries (which are (111) planes) cut a grain into parallel slices. Incoherent twin boundaries occur at the ends and on the steps of twins and are often narrow, parallel-sided strips which are much longer than they are wide. Different morphologies can clearly be distinguished for the M23Ce carbides precipitated in each of these types of boundaries, and agree well with those observed by kinzel.2 The kinetics of this precipitation has been investigated." The first carbides precipitate in junctions of three grain boundaries and fan out from there into the adjoining boundary surfaces, Fig. 2(a). These carbides are oriented randomly, Fig. 2(b), and become coarser and thicker as annealing time increases. The large-angle grain boundaries are next to fill

Jan 1, 1967

By D. W. Smith, Robert F. Mehl

It has been shown by numerous studies that the orientations of new metal crystals are determined by the orientations of the crystals in the original matrix, whether these new crystals are formed by recrystalliza-tion, by precipitation from solid solutions, or by transitions in the solid state. The orientations of crystals formed by recrystallization of cold-worked metals that bear preferred orientations are occasionally simply related to the initial preferred orientation; often, however, the relationship is not simple, but complicated and obscure in origin.1 The orientations of crystals formed by precipitation from solid solutions have been shown by many studies in this and other countries to be determined by the orientation of the crystals of the solid solution stable at the higher temperatures, though here again complicated cases have been found and no general theory is available.2 Related to this latter class are the relationships found in crystals formed by suppressed transforma-

Jan 1, 1935

By D. W. Smith, Robert F. Mehl

It has been shown by numerous studies that the orientations of new metal crystals are determined by the orientations of the crystals in the original matrix, whether these new crystals are formed by recrystalliza-tion, by precipitation from solid solutions, or by transitions in the solid state. The orientations of crystals formed by recrystallization of cold-worked metals that bear preferred orientations are occasionally simply related to the initial preferred orientation; often, however, the relationship is not simple, but complicated and obscure in origin.1 The orientations of crystals formed by precipitation from solid solutions have been shown by many studies in this and other countries to be determined by the orientation of the crystals of the solid solution stable at the higher temperatures, though here again complicated cases have been found and no general theory is available.2 Related to this latter class are the relationships found in crystals formed by suppressed transforma-

Jan 1, 1935

By H. A. Schwartz, Wolfram Ruff

The spheroidal form of the temper carbon nodules in malleable cast iron and of the graphite mottles of "mottled" cast iron suggests that in both all the graphite in a given mottle or nodule grew from a single center of crystallization or nucleus. $ There is, however, a distinct metallo-graphic difference between the mottle and the nodule; the area of mother metal impoverished in combined carbon by the crystallization of graphite in a mottle is practically coextensive with the ramifications of the graphite, while the impoverished zone of metal corresponding to a given nodule is always larger, and usually much larger, than the approximately spherical mass of graphite crystals forming the nodules. Furthermore, the mottle probably is formed during freezing and the nodule almost always at a considerably lower temperature. Assuming that the nodules or mottles can be used as a measure of the existing nuclei (capable of germination) we propose to record certain observations as to the graphitizing reaction in the light of the number and habits of growth of these nuclei. The present authors, in cooperation with others'-', have reported upon various cognate aspects of the problem. The fact that temper carbon is a mass of flakes and not a solid granule has become well recognized since the introduction of an improved polishing technique8, 9, 10 for cast iron. The problem of deriving from the circular planar intercepts of a mass of spheres of varying sizes their number and size distribution in space has also been satisfactorily solved12, 13 Growth of Nuclei in White Cast Iron It has already been shown1, 3 that the progress of graphitization with time is usual1y consistent with the assumption that nodules grow in size

Jan 1, 1936

By Wolfram Ruff, H. A. Schwartz

The spheroidal form of the temper carbon nodules in malleable cast iron and of the graphite mottles of "mottled" cast iron suggests that in both all the graphite in a given mottle or nodule grew from a single center of crystallization or nucleus. $ There is, however, a distinct metallo-graphic difference between the mottle and the nodule; the area of mother metal impoverished in combined carbon by the crystallization of graphite in a mottle is practically coextensive with the ramifications of the graphite, while the impoverished zone of metal corresponding to a given nodule is always larger, and usually much larger, than the approximately spherical mass of graphite crystals forming the nodules. Furthermore, the mottle probably is formed during freezing and the nodule almost always at a considerably lower temperature. Assuming that the nodules or mottles can be used as a measure of the existing nuclei (capable of germination) we propose to record certain observations as to the graphitizing reaction in the light of the number and habits of growth of these nuclei. The present authors, in cooperation with others'-', have reported upon various cognate aspects of the problem. The fact that temper carbon is a mass of flakes and not a solid granule has become well recognized since the introduction of an improved polishing technique8, 9, 10 for cast iron. The problem of deriving from the circular planar intercepts of a mass of spheres of varying sizes their number and size distribution in space has also been satisfactorily solved12, 13 Growth of Nuclei in White Cast Iron It has already been shown1, 3 that the progress of graphitization with time is usual1y consistent with the assumption that nodules grow in size

Jan 1, 1936

By J. J. Egan, A. B. Kinzel, W. Crafts

Advances in the production of quality steel have emphasized the need for greater knowledge of the amount and distribution of oxygen in the steel. Control of inclusion content and quality is largely dependent on such knowledge. While many analytical methods have been devised for the accomplishment of this end, few are without serious limitations in accuracy, convenience, or skill required in application. Usually at least two methods are necessary to determine total oxygen and constituent oxides. Because of the great importance of this problem and the specific interest in the application of such methods of analysis, the various procedures were carefully reviewed at the Union Carbide and Carbon Research Laboratories, with the view of developing a method free from the limitations mentioned above. Intensive experimentation finally led to an improved iodine extraction analysis described by Cunningham and Price.1 After this had been thoroughly checked from the standpoint of the analytical chemist, it was rechecked from that of the metallurgist. This involved preparation of a number of small heats of varying composition with determination of total oxygen in the molten metal by the alumina method2 and an analysis of the solidified material without the aluminum addition by means of iodine extraction; the oxides of iron, manganese, silicon and aluminum also being determined by the iodine analysis. The report of this work constitutes the subject of this paper. The Iodine Method Fundamentally the iodine method is well established. It is based on the procedure first described by Eggertz3 and depends upon the fact that iron, manganese, silicon and aluminum, as well as the metallic constituents of the pertinent sulfides, carbides and nitrides of these metals

Jan 1, 1933

By Robert F. Mehl, Edward L. McCandless

Oriented overgrowths and intergrowths among both metallic and nonmetallic substances have been recognized and studied for well over a century. The work of Widmanstätten in 1808 on the geometrical structure in meteorites, a structure known by his name, demonstrated that oriented intergrowths can occur in purely metallic systems. This fact led to much of the early microscopic study of alloys, contributing greatly to the advance of physical metallurgy. The problem has been attacked again in recent years in a comprehensive fashion, with the object of discovering what atomic movements may occur during phase changes in alloy systems. Much of this work has appeared in the A.I.M.E. Transactions in a series of papers published by Mehl and coworkers beginning in 19311. Although many aspects of this general problem remain unsolved, it may be said that the orientation of a new phase forming by precipitation from solid solution or by transformation invariably bears a unique relationship to the orientation of the phase from which it formed, and that similarity in atomic patterns on atomic planes in the two phases play an important part in determining the orientation relationship. Analogous orientation relationships exist in oriented intergrowths in nonmetallic systems—mineral or inorganic. In 1827 Haidinger2 discovered natural intergrowths of hematite and magnetite, and demonstrated that the rough form of the magnetite octahedrons was delineated by small crystals of hematite, of which the basal (00.1) planes lay parallel to the octahedral cleavage planes of the magnetite. The description of this orientation relationship was later completed by von Rath3, who showed that the edge (00.1): (10.1) in hematite lies normal to the [Ill]

Jan 1, 1937

By T. L. Joseph

The extent to which hot metal from the blast furnace affects open-hearth practice and the quality of steel produced has been discussed widely. Open-hearth operators have attributed difficulties experienced in making satisfactory steel to characteristics of the pig iron not disclosed by ordinary analysis. The commonest criticism of the iron has been that it is "physically cold" or "dirty." Often when the blast furnaces are working irregularly the quality of the iron is questioned. A cold hearth, slipping and hanging, the use in the past of unsintered flue dust, and the use of ores difficult to smelt have been associated with the production of iron of poor quality. The difficulty of the situation is that we have no proven yardstick for quality aside from ordinary analysis. Uniformity in analysis is recognized as being important, but the difficulty of changing the open-hearth practice when the iron analysis varies widely may not always be fully appreciated. Although the problem of correlating the characteristics of steel with those of pig iron is admittedly obscure, the effort of producers of quality steel to investigate all factors that may have a bearing on the final product is justified. This report contains data on the oxides in several hundred casts of basic iron produced in a furnace during the course of normal operation on Lake ores. Incidental to the study of the oxides in the iron, it was desirable to follow closely the temperature of the iron. The effect of temperature of the iron upon the silicon and sulphur present is discussed. A general relation between the basicity of the slag and the sulphur in the metal was developed. The amount and composition of oxides in the hot metal and in the steel bath during various intervals between melt-down and tap are discussed. Heats of rimmed steel, killed steel, and semikilled steel were investigated. The hot metal on individual heats was either all taken from a mixer or consisted partly of direct metal and partly of metal from the mixer. Samples of the iron for oxide determinations were

Jan 1, 1937

By John S. Marshall

The purpose of this paper is to present to the profession data and experience obtained over a period of 5 years in the operation of 87 shaker-conveyor units, and the production of 2,169,638 tons of run-of-mine anthracite coal. The data are not generally available and should be of interest to those concerned with the operation of anthracite and bituminous mines. To simplify comparison, a ton of 2000 lb. of raw run-of-mine coal has been used as the production unit throughout this paper. Mining Methods and Equipment The mine is in the vicinity of Wilkes-Barre, Pa., in the Buried Valley area of the Susquehanna River. Seven veins were mined, varying in thickness from 18 in. to 8 ft. The cover overlying the veins varied from 200 to 800 ft. Three-fourths of the 1200 acres of property was covered with from 100 to 200 ft. of water-bearing gravels and clays, which prevented first mining under rock cover less than 50 ft. and pillar removal under rock cover less than 100 ft. The property was opened by two shafts sunk on the mountainside to avoid the sand and gravel present in the river valley. The veins dipped an average of 5" from the shafts. In certain areas the veins were practically flat and in some places a reverse pitch as high as 5" was encountered for short distances. A daily output of 3800 tons was hoisted on a two-shifi; hoisting operation. The mining consisted of 75 per cent pillar removal, and of the total production in the later years of operation 80 per cent was loaded by shaker conveyors, chain conveyors and scraper loaders. Shaker conveyors accounted for 70 per cent of the total output; chain conveyors and scraper loaders for 10 per cent. All conveyor work was double-shifted and 25 per cent was triple-shifted. A total of 87 shaker-conveyor units were on the property, of which 75 were kept in operation at all times.

Jan 1, 1940

By John S. Marshall

The purpose of this paper is to present to the profession data and experience obtained over a period of 5 years in the operation of 87 shaker-conveyor units, and the production of 2,169,638 tons of run-of-mine anthracite coal. The data are not generally available and should be of interest to those concerned with the operation of anthracite and bituminous mines. To simplify comparison, a ton of 2000 lb. of raw run-of-mine coal has been used as the production unit throughout this paper. Mining Methods and Equipment The mine is in the vicinity of Wilkes-Barre, Pa., in the Buried Valley area of the Susquehanna River. Seven veins were mined, varying in thickness from 18 in. to 8 ft. The cover overlying the veins varied from 200 to 800 ft. Three-fourths of the 1200 acres of property was covered with from 100 to 200 ft. of water-bearing gravels and clays, which prevented first mining under rock cover less than 50 ft. and pillar removal under rock cover less than 100 ft. The property was opened by two shafts sunk on the mountainside to avoid the sand and gravel present in the river valley. The veins dipped an average of 5" from the shafts. In certain areas the veins were practically flat and in some places a reverse pitch as high as 5" was encountered for short distances. A daily output of 3800 tons was hoisted on a two-shifi; hoisting operation. The mining consisted of 75 per cent pillar removal, and of the total production in the later years of operation 80 per cent was loaded by shaker conveyors, chain conveyors and scraper loaders. Shaker conveyors accounted for 70 per cent of the total output; chain conveyors and scraper loaders for 10 per cent. All conveyor work was double-shifted and 25 per cent was triple-shifted. A total of 87 shaker-conveyor units were on the property, of which 75 were kept in operation at all times.

Jan 1, 1940

By W. E. Remmers

The fact that gray iron increases in volume, cracks and distorts upon repeated heating and cooling is rather conlmon knowledge. In ingot molds, Diesel engine pistons, carburizing boxes, continuous furnace parts, grate bars, stoker parts, and all castings that are subjected repeatedly to high and low temperatures, the phenomenon of growth presents a vital problem. Ingot molds distort and produce cracks which result in seams or laps and later appear as defects in the finished product. The heads of Diesel pistons frequently fail by cracking in a stellar shape. This is attributed usually to the result of permanent growth. Distortion and change of dimension of furnace parts frequently renders them entirely unusable. In chain grate stokers, mechanical difficulties frequently are caused by the growth of the links. In proper operation these links should never attain a temperature sufficiently high to start growth; nevertheless, some have grown in. on an 8-in. length when improperly operated. Even though the phenomenon is generally known there still exists a deficiency in the explanation of the mechanism of this growth. The field of investigators of this subject has a decided variation in opinion concerning the causes. The problem is of sufficient importance therefore to warrant further consideration. Review of Published Work Since the published work, particularly the European, contains much detail, only the outstanding results and conclusions of the investigators will be reviewed. The pioneering investigations of Outerbridge in 1904 and 1905 brought forth the conclusion that growth was not a function of chemical or crystallographic changes but was a result of the formation of fine hair cracks. These cracks are supposedly due to a nonuniformity of thermal expansion and contraction which ruptures the structure of the material. More recently Benedicks and Lofquist presented a purely mechanical theory, which is similar to that of Outerbridge. These investigators believe the temperature gradient from the outside to the center of the cast piece causes a contraction of the outer layers on passing

Jan 1, 1931

By Joseph E. Pogue

Any mechanism, either natural or artificial, for regulating the functioning of a given unit in the general economy must operate toward the maintenance of equilibrium if it is to survive. The petroleum industry, concerned as it is with the production of a natural resource of specialized character, is surrounded not only by the economic factors common to other industries but by an extra set of unique elements centering about the fugitive character of crude petroleum under conditions of competitive development. The term equilibrium, therefore, so far as the oil business is concerned, involves a combination of economic and physical factors: the first set having to do with supply, demand, costs, profit margins, purchasing power, and the like; and the second, with underground pressures in oil pools, efficient rates of extraction, and all other aspects of engineering that may be summarized by the familiar term "conservation." The two categories, in fact, are not as clearly divided as the foregoing statement would imply, for in practice it will be found that the economic and physical aspects have a pervasive interaction and interrelationship. If the development of the petroleum industry in the United States is examined from its inception in 1859 down to the present, it will be found that, beginning about 11 years ago, a new mechanism for regulating the production of crude petroleum made its appearance. Prior to this recent period, the production of this raw material was determined by competitive forces operating without outside restraints. At present the output of crude oil is subjected to supervision by regulatory bodies in most of the oil-producing states, which impose upon the operators certain conditions having to do with the manner and rates of production. Thus, in the space of a decade, the mechanism for producing crude oil has changed from an automatic to a designed procedure called proration. And in its short history this method has been marked by a rapid evolution in its nature and incidence, with progressive changes still under way.

Jan 1, 1938

By Norman D. Fitzgerald

The purpose of this paper is to analyze the behavior of oil securities during the six-year period January 1932 through December 1937. This period was selected because of its varied character. It includes the depths of the depression, the broad and spasmodic recovery, and the recession collapse. The first part of the analysis is devoted to the correlation of a number of economic factors with an index of 13 oil stocks. The second part is a comparison of the different,ial behavior of 6 oil stocks. The relationships developed here are only a few of many that might be considered in a complete analysis. The stock market is regarded as a barometer of business confidence and as such exerts an important influence upon corporate policies, particularly upon industrial expansion. The complex and continuously changing nature of its price structure, the ebb and flow of influences and the effects of impacts require dynamic rather than static analysis. When treated in this way, many of the important fluctuations in market prices and changes in the relationships between securities appear quite logical. The market for oil securities has varied widely in recent years. The Standard Statistics index of 13 oil stocks made a bull market peak of 166.7 in September 1929. The collapse of the boom and the ensuing bear market finally carried the index down to a low of 36.4 in June 1932. From this point oil stocks made an irregular recovery; they reached a top at 139.7 in March 1937, and after maintaining this approximate level through August, declined precipitously to 93.3 in December 1937. The prices of these 13 oil stocks have gone up and down under the influence of numberless variables. These variables are of two kinds, those external to the industry, and those that are solely due to its internal condition. The external factors are political, social, and economic, both domestic and foreign. These are the influences that induce the ebb and flow of all prices in general and security prices in particular. Among the internal factors are the regulation of industry, the development of new reserves and processes, and the disequilibrium due to lack of balance between supply and demand. Some of the simpler relationships are examined in this paper.

Jan 1, 1938

By E. T. Knight, John D. Gill

Much has been written and said concerning the alleged wasteful and uneconomic use of natural gas and petroleum. Espccially condemned has been the use of natural gas for the production of carbon black and the use of heavy fuel oil under steam boilers.' The critics of these usages of gas and oil have sought to make effective their verbal attacks on the industry by the repetitive expression of the words "inferior" and "superior" uses2 of petroleum. Thus, to employ natural gas for residential heating was to use it in a superior way; to use it for the production of carbon black was to use it in a wasteful and uneconomic way. To use petroleum for the production of automotive fuel was to use it in a superior way; to employ it as a residential fuel and as the prime source of power in an industrial plant was to use it in an inferior and uneconomic way. No doubt the objections to such employment of gaseous and liquid natural hydrocarbons originated in the belief that natural gas and petroleum are limited, nonregenerative mineral resources, and that the functions they perform can be just as well performed by other natural resources like coal13 of which practically unlimited reserves are known. The generations that have dominated each of the last four decades have counted reserves4 of petroleum in terms of a few years supply. Meanwhile, domestic demand for motor fuel rose spectacularly from a few million barrels in 1900 to more than 500,000,000 bbl. last year.5 The more imaginative and vocal critics drew startling word pictures of the catastrophe of 25,000,000 motor vehicles made useless and of the great automotive manufacturing and allied industries brought to an untimely end, and millions of workers left hopelessly unemployed by what they called the deplorably rapid depletion of the petroleum reserve. Many of the critics have been sincere advocates of the conservation of natural resources; many others, and in recent years probably the majority, have espoused the doctrine of conservation to promote their own self-interest rather than that of the public. The latest advocate of severe restriction in the use of petroleum for the alleged purpose of conserving the petroleum resource proposes to achieve that end by a bill,6 now before

Jan 1, 1938

By V. R. Garrias, R. V. Whetsel, J. W. Ristori

World consumption of petroleum and its substitutes in 1940, which, except for the United States, does not include consumption for military purposes even in peacetime, is estimated at 2,006,000,000 bbl., or approximately 21,000,000 bbl. less than in 1939. As consumption figures for belligerent countries and those affected by the war are unavailable, in order to arrive at a gross approximation the assumption has been made that the rate of civil consumption in these countries has declined 80 per cent since the German occupation or the effect of the war made itself felt. In 1940 the total consumption in the United States increased 94,000,000 bbl. over the previous year, while the civil consumption in the countries directly affected by the war—some of them occupied during the last half of the year—decreased 126,000,000 bbl. In the rest of the world consumption increased II,000,000 bbl., resulting in an over-all decrease in world civil consumption grossly estimated at 21,000,-000 barrels. Although no reliable information is available regarding military consumption in foreign countries before or during the war, military consumption and/or addition to stocks in foreign countries in 1940, as

Jan 1, 1941